Pakistan, Jan. 23 -- TikTok has finalized a landmark agreement to form a majority American-owned joint venture, a move designed to safeguard US user data and avoid a nationwide ban. The deal follows years of political pressure and regulatory scrutiny focused on national security, data privacy, and foreign ownership concerns.

Its Chinese parent company, ByteDance, said the new entity will be called TikTok USDS Joint Venture LLC and will oversee US user data, algorithms, and cybersecurity protections. American and global investors will collectively hold 80.1% ownership, while ByteDance retains a minority 19.9% stake.

The agreement marks a turning point in a dispute that began in 2020, when former US President Donald Trump raised concerns ...